Restarting Korea-China Economic Cooperation... Hyungji Expands into 22 Trillion Won Chinese School Uniform Market

Hyeongji Attends 'Han?Il?Jung Business Summit'
Vice Chairman Choi Jun-ho "Accelerating Expansion into Asian Markets"

Choi Jun-ho, Vice Chairman of Fashion Group Hyungji, attended the ‘8th Korea-Japan-China Business Summit’ held at the Korea Chamber of Commerce and Industry on the 27th, expressing his determination to accelerate expansion into Asian markets, led by China, as well as Japan and Southeast Asia.

Held in conjunction with the Korea-China-Japan Summit, the event was attended by President Yoon Suk-yeol, Japanese Prime Minister Fumio Kishida, and Chinese Premier Li Qiang, along with delegations from 30 leading domestic companies, who pledged cooperation to revitalize economic exchanges among the three countries.

As a representative of mid-sized enterprises, Vice Chairman Choi revealed plans to expand into the Chinese market using Shanghai Elite, a joint venture of Hyungji Elite in China, during an interview with China’s state-run media Xinhua News Agency. As part of this effort, representatives from Shanghai Elite are scheduled to visit Korea in July, and invitations to local stakeholders such as parents from prestigious schools in China are also planned.

Hyungji Elite, which established the joint venture ‘Shanghai Elite’ in 2016 in partnership with Bono (BONO), a subsidiary of China’s Baoshinia Group, is actively expanding its sales network in China based on differentiated product competitiveness and is firmly establishing itself in the market. Both sales and operating profits are on the rise. In March, it participated exclusively as a school uniform brand in the ‘2024 Shanghai Fashion Week,’ leaving a strong impression on local stakeholders with its trendy premium school uniforms and achieving successful bids.

A representative of Hyungji Elite stated, “Through this Business Summit, we were able to confirm the willingness for cooperation and support to expand overseas business,” adding, “We will strengthen exchanges with neighboring countries to become a leading company not only in the Chinese market but also in the global market.”

Meanwhile, the market size of the Chinese school uniform business is estimated at 22 trillion KRW, with an expected annual growth rate in the double digits until 2030. Since its entry, Shanghai Elite successfully turned a profit in 2020. Although it temporarily experienced a decline in sales and a return to losses in 2022 due to COVID-19 and the implementation of the Private Education Promotion Act, it successfully overcame the crisis by expanding its local sales network and strengthening product competitiveness. In 2023, sales grew by double digits to record 17.9 billion KRW, achieving a return to operating profit and preparing for a leap forward in the Chinese market.